Depends on the industry.
I worked at a Wendy's that made 2 mil per year profit. Total number of employees was less than 30. Total employee payroll was around 500k per year. You could double wages and employee count and still turn a profit.
There was no reason for managers to be as pressed on their hours as they were and there was little need for prices to increase to cover competition for employees.
I could walk into a taco bell and have my order taken by the foreign exchange worker of the week who was out touring the world as a labor import on tour. Which is fine - good for them - but when you are allowed to import people who will work for peanuts before being sold as a mail order to compete with native labor, it depresses, artificially, the true cost burden of a service.